Green entrepreneurship capabilities and strategic accounting as dual drivers of MSME sustainability: the moderating dynamics of financial technology adoption

Authors

  • Yudhi Prasetiyo Universitas Terbuka, Indonesia

DOI:

https://doi.org/10.37631/ebisma.v6i2.2125

Keywords:

Green Entrepreneurship, Strategic Accounting, Financial Technology, Sustainable Business, MSMEs

Abstract

This study aims to analyze the influence of green entrepreneurial orientation and strategic accounting on business sustainability, with financial technology (Fintech) as a moderating variable. This study uses quantitative approach with an explanatory research type. Data collection was conducted by distributing questionnaires to 100 micro, small, and medium enterprises (MSMEs) in South Tangerang City. The data analysis technique used the Structural Equation Modeling method based on Partial Least Squares (PLS-SEM). The results show that green entrepreneurial orientation and strategic accounting have a direct positive and significant effect on MSME business sustainability. This finding emphasizes the importance of integrating environmental awareness and strategic financial management in building sustainable small and medium enterprises in the modern era. However, the results also show that Fintech as a moderating variable does not have a significant influence in strengthening the relationship between green entrepreneurial orientation and strategic accounting on business sustainability. The research model used has met the validity and reliability indicators and has good predictive power. Based on the results of this study, it’s recommended that MSMEs increase their understanding and capacity in implementing green entrepreneurship principles, strengthen strategic accounting practices, and gradually optimize the use of Fintech to support long term business sustainability.

References

Aboalsamh, H. M., Khrais, L. T., & Albahussain, S. A. (2023). Pioneering Perception of Green Fintech in Promoting Sustainable Digital Services Application within Smart Cities. Sustainability, 15(14), 11440. https://doi.org/10.3390/su151411440

Adekunle, S. T., & Njideka, R. C. (2024). Driving sustainable business practices in SMEs: Innovative approaches for environmental and economic synergy. International Journal of Management & Entrepreneurship Research, 6(8), 2637–2647. https://doi.org/10.51594/ijmer.v6i8.1411

Afum, E., Issau, K., Agyabeng-Mensah, Y., Baah, C., Dacosta, E., Essandoh, E., & Agyenim Boateng, E. (2023). The missing links of sustainable supply chain management and green radical product innovation between sustainable entrepreneurship orientation and sustainability performance. Journal of Engineering, Design and Technology, 21(1), 167–187. https://doi.org/10.1108/JEDT-05-2021-0267

Alam, S., Zhang, J., Shehzad, M. U., Boamah, F. A., & Wang, B. (2023). The inclusive analysis of green technology implementation impacts on employees age, job experience, and size in manufacturing firms: empirical assessment. Environment, Development and Sustainability, 26(2), 4467–4486. https://doi.org/10.1007/s10668-022-02891-6

Ali, W., Wen, J., Hussain, H., Khan, N. A., Younas, M. W., & Jamil, I. (2021). Does green intellectual capital matter for green innovation adoption? Evidence from the manufacturing SMEs of Pakistan. Journal of Intellectual Capital, 22(5), 868–888. https://doi.org/10.1108/JIC-06-2020-0204

Altman, E., & Kuehne, B. (2016). Credit markets and bubbles: Is the credit cycle over Economics and Business Review. 16(3), 20–31.

Alwakid, W., Aparicio, S., & Urbano, D. (2021). The Influence of Green Entrepreneurship on Sustainable Development in Saudi Arabia: The Role of Formal Institutions. International Journal of Environmental Research and Public Health, 18(10), 5433. https://doi.org/10.3390/ijerph18105433

Ameer, F., & Khan, N. R. (2023). Green entrepreneurial orientation and corporate environmental performance: A systematic literature review. European Management Journal, 41(5), 755–778. https://doi.org/10.1016/j.emj.2022.04.003

Andrlić, B., Priyashantha, K. G., & De Alwis, A. C. (2023). Employee Engagement Management in the COVID-19 Pandemic: A Systematic Literature Review. Sustainability, 15(2), 987. https://doi.org/10.3390/su15020987

Arda, O. A., Montabon, F., Tatoglu, E., Golgeci, I., & Zaim, S. (2023). Toward a holistic understanding of sustainability in corporations: resource-based view of sustainable supply chain management. Supply Chain Management: An International Journal, 28(2), 193–208. https://doi.org/10.1108/SCM-08-2021-0385

Asiaei, K., Bontis, N., Alizadeh, R., & Yaghoubi, M. (2022). Green intellectual capital and environmental management accounting: Natural resource orchestration in favor of environmental performance. Business Strategy and the Environment, 31(1), 76–93. https://doi.org/10.1002/bse.2875

Awa, H. O., Ojiabo, O. U., & Orokor, L. E. (2017). Integrated technology-organization-environment (T-O-E) taxonomies for technology adoption. Journal of Enterprise Information Management, 30(6), 893–921. https://doi.org/10.1108/JEIM-03-2016-0079

Baker, J. (2012). The Technology–Organization–Environment Framework (pp. 231–245). https://doi.org/10.1007/978-1-4419-6108-2_12

Budsaratragoon, P., & Jitmaneeroj, B. (2021). Corporate Sustainability and Stock Value in Asian–Pacific Emerging Markets: Synergies or Tradeoffs among ESG Factors? Sustainability, 13(11), 6458. https://doi.org/10.3390/su13116458

Cahyono, T. D., & Suarantalla, R. (2024). Dampak Literasi Keuangan, Literasi digital dan Finansial Teknologi Terhadap Keberlanjutan Bisnis Pelaku UMKM Di Kabupaten Sumbawa. Jurnal Ilmiah Raflesia Akuntansi, 10(2), 804–813. https://doi.org/10.53494/jira.v10i2.604

Calment, Victorio, Cindy Kosasih, Claudya, & Joosten. (2024). Penerapan Teknologi Blockchain dalam Meningkatkan Manajemen Rantai Pasokan Perusahaan. Nusantara Journal of Multidisciplinary Science, 2(4), 718–726. https://doi.org/10.60076/njms.v2i4.857

Chatha, K. A., Jajja, M. S. S., Gillani, F., & Farooq, S. (2024). Examining the effects of technology–organization–environment framework on operational performance through supply chain integration of the firm. Benchmarking: An International Journal, 31(5), 1797–1825. https://doi.org/10.1108/BIJ-10-2022-0665

Chininga, E., Alhassan, A. L., & Zeka, B. (2024). ESG ratings and corporate financial performance in South Africa. Journal of Accounting in Emerging Economies, 14(3), 692–713. https://doi.org/10.1108/JAEE-03-2023-0072

Cohen, N., & Robbins, P. (2011). Green Business: An A-to-Z Guide. SAGE Publications, Inc. https://doi.org/10.4135/9781412973793

Ellili, N. O. D. (2022). Impact of ESG disclosure and financial reporting quality on investment efficiency. Corporate Governance: The International Journal of Business in Society, 22(5), 1094–1111. https://doi.org/10.1108/CG-06-2021-0209

Elya Dasuki, R. (2021). Manajemen Strategi : Kajian Teori Resource Based View. Coopetition : Jurnal Ilmiah Manajemen, 12(3), 447–454. https://doi.org/10.32670/coopetition.v12i3.710

Farhani, I., & Chaniago, H. (2021). Faktor Penentu Transformasi Digital UMKM: Bukti dari Indonesia. Prosiding Industrial Research Workshop …, 4–5. https://jurnal.polban.ac.id/ojs-3.1.2/proceeding/article/view/2845/2224

Firdaus, A. T., & Anggra, A. S. (2023). Perspektif Intelijen : Analasis Menghadapi Tantangan Mewujudkan SDGs Pada Sektor Lingkungan Hidup di Indonesia. Jurnal Kajian Stratejik Ketahanan Nasional, 6(1), 6–7. https://doi.org/10.7454/jkskn.v6i1.10071

Giannopoulos, G., Kihle Fagernes, R. V., Elmarzouky, M., & Afzal Hossain, K. A. B. M. (2022). The ESG Disclosure and the Financial Performance of Norwegian Listed Firms. Journal of Risk and Financial Management, 15(6), 237. https://doi.org/10.3390/jrfm15060237

Ha, N. M., Nguyen, P. A., Luan, N. V., & Tam, N. M. (2023). Impact of green innovation on environmental performance and financial performance. Environment, Development and Sustainability, 26(7), 17083–17104. https://doi.org/10.1007/s10668-023-03328-4

Hendro, J., & Bowo, P. A. (2023). Inovasi Berkelanjutan: ESG Initiatives Untuk Masa Depan Yang Bertanggung Jawab. Jurnal Ilmu Sosial, Manajemen, Akuntansi Dan Bisnis, 4(4), 135–147. https://doi.org/10.47747/jismab.v4i4.1445

Indah, K. S. (2022). STRATEGI GREEN ACCOUNTING SEBAGAI BAGIAN PENERAPAN ETIKA BISNIS PADA UMKM. Jurnal Akuntansi Dan Bisnis, 2(2), 82–89. https://doi.org/10.51903/jiab.v2i2.185

Jalil, M. F., Marikan, D. A. B. A., Ali, A., & Jais, M. bin. (2025). The influence of blockchain technology on green entrepreneurial orientation through digital knowledge sharing among Gen Y and Gen Z entrepreneurs: A multigroup analysis. Sustainable Futures, 9, 100636. https://doi.org/10.1016/j.sftr.2025.100636

Jeanice, J., & Kim, S. S. (2023). Pengaruh Penerapan ESG Terhadap Nilai Perusahaan di Indonesia. Owner, 7(2), 1646–1653. https://doi.org/10.33395/owner.v7i2.1338

Jum’a, L., Ikram, M., Alkalha, Z., & Alaraj, M. (2022). Factors affecting managers’ intention to adopt green supply chain management practices: evidence from manufacturing firms in Jordan. Environmental Science and Pollution Research, 29(4), 5605–5621. https://doi.org/10.1007/s11356-021-16022-7

Khairunnisa, S. A., & Ersi, S. (2024). Analisis Integrasi Akuntansi Lingkungan Dan Csr Untuk Mencapai Tujuan Pembangunan Berkelanjutan Barbasis Digital. Jurnal Ilmiah Ekonomi, Manajemen, Bisnis Dan Akuntansi, 2(1), 508–577. https://doi.org/10.61722/jemba.v2i1.662

Khan, E. A., Dewan, M. N. A., & Chowdhury, Md. M. H. (2016). Reflective or formative measurement model of sustainability factor? A three industry comparison. Corporate Ownership and Control, 13(2), 83–92. https://doi.org/10.22495/cocv13i2p9

Kusuma, H., & Asmoro, W. K. (2021). Perkembangan Financial Technologi (Fintech) Berdasarkan Perspektif Ekonomi Islam. Istithmar : Jurnal Pengembangan Ekonomi Islam, 4(2). https://doi.org/10.30762/itr.v4i2.3044

Laksmi P, K. W., Widhya Sedana Putra P, K., & Ariwangsa, I. O. (2025). Meningkatkan Corporate Sustainable: Peran Green Entrepreneurship dan Financial Technology Sebagai Faktor Moderasi. Economic and Education Journal (Ecoducation), 7(1), 149–164. https://doi.org/10.33503/ecoducation.v7i1.1365

Majali, T., Alkaraki, M., Asad, M., Aladwan, N., & Aledeinat, M. (2022). Green Transformational Leadership, Green Entrepreneurial Orientation and Performance of SMEs: The Mediating Role of Green Product Innovation. Journal of Open Innovation: Technology, Market, and Complexity, 8(4), 191. https://doi.org/10.3390/joitmc8040191

Mariyamah, M., & Handayani, S. (2020). Pengaruh Green Innovation Terdahap Economic Performance Dengan Environmental Management Accounting Sebagai Variabel Moderasi. Jurnal Akuntansi Dan Auditing, 16(2), 105–123. https://doi.org/10.14710/jaa.16.2.105-123

Ningrum, N. K., Hadi, A. S., Dials, J. G., Cahyani, P. D., Kusumawardhani, R., & Indraswari, N. M. (2023). Will Customers Pay More for Green Products. In 1st International Conference of Management and Business (ICoMB 2022) (pp. 231-238). Atlantis Press.

Pentiana, D. (2019). Pemahaman dan Kepedulian Penerapan Green Accounting: Studi Kasus UKM Tahu Tempe di Kota Bandar Lampung. Jurnal Ilmiah ESAI, 13(1), 38. https://doi.org/10.25181/esai.v13i1.1271

Perez-Luyo, R., Quiñones Urquijo, A., Del-Aguila-Arcentales, S., & Alvarez-Risco, A. (2023). Green entrepreneurship intention among high school students: a teachers’ view. Frontiers in Education, 8. https://doi.org/10.3389/feduc.2023.1225819

Prabowo, H., Ikhsan, R. B., & Yuniarty, Y. (2022). Drivers of Green Entrepreneurial Intention: Why Does Sustainability Awareness Matter Among University Students? Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.873140

Religia, Y., Ramawati, Y., Firdausi, A. S. M., & Nainggolan, D. S. (2025). Exploring digital leadership - TOE framework in CRM adoption by SMEs in developing countries. RAUSP Management Journal, 60(1), 52–68. https://doi.org/10.1108/RAUSP-09-2024-0187

Ristyawan, M. R., Putro, U. S., & Siallagan, M. (2023). Decision making mechanism in resource based theory: A literature review, synthesis, and future research. Cogent Business & Management, 10(2). https://doi.org/10.1080/23311975.2023.2247217

Runyan, R. C., Huddleston, P., & Swinney, J. L. (2007). A resource‐based view of the small firm. Qualitative Market Research: An International Journal, 10(4), 390–402. https://doi.org/10.1108/13522750710819720

Ryan Pratamansyah, S. (2024). Transformasi Digital dan Pertumbuhan UMKM: Analisis Dampak Teknologi pada Kinerja Usaha Kecil dan Menengah di Indonesia. Jurnal Akuntansi, Manajemen, Dan Perencanaan Kebijakan, 2(2), 1–17. https://economics.pubmedia.id/index.php/jampk

Shafique, I., Kalyar, M. N., & Mehwish, N. (2021). Organizational ambidexterity, green entrepreneurial orientation, and environmental performance in SMEs: Examining the moderating role of perceived. Corporate Social Responsibility and Environmental Management, 28(1), 446–456. https://doi.org/10.1002/csr.2060

Sukma, A. (2018). Perspektif The Resource Based View (Rbv) Dalam Membangun Competitive Advantage. ad Deenar: Jurnal Ekonomi Dan Bisnis Islam, 1(01), 75. https://doi.org/10.30868/ad.v1i01.229

Sulaiman, M. A. B. A., Asad, M., Shabbir, M. S., & Ismail, M. Y. (2023). Support Factors and Green Entrepreneurial Inclinations for Sustainable Competencies: Empirical Evidence from Oman. International Journal of Professional Business Review, 8(8), e02724. https://doi.org/10.26668/businessreview/2023.v8i8.2724

Tang, Z., & Tang, J. (2018). Stakeholder Corporate Social Responsibility Orientation Congruence, Entrepreneurial Orientation and Environmental Performance of Chinese Small and Medium‐sized Enterprises. British Journal of Management, 29(4), 634–651. https://doi.org/10.1111/1467-8551.12255

Terán-Yépez, E., Marín-Carrillo, G. M., Casado-Belmonte, M. del P., & Capobianco-Uriarte, M. de las M. (2020). Sustainable entrepreneurship: Review of its evolution and new trends. Journal of Cleaner Production, 252, 119742. https://doi.org/10.1016/j.jclepro.2019.119742

Umar, M., Ji, X., Kirikkaleli, D., Shahbaz, M., & Zhou, X. (2020). Environmental cost of natural resources utilization and economic growth: Can China shift some burden through globalization for sustainable development? Sustainable Development, 28(6), 1678–1688. https://doi.org/10.1002/sd.2116

Wang, H., Feng, J., Zhang, H., & Li, X. (2020). The effect of digital transformation strategy on performance. International Journal of Conflict Management, 31(3), 441–462. https://doi.org/10.1108/IJCMA-09-2019-0166

Wang, Z., & Zhang, J. (2023). Nexus between corporate environmental performance and corporate environmental responsibility on innovation performance. Environment, Development and Sustainability, 25(10), 11645–11672. https://doi.org/10.1007/s10668-022-02546-6

Wasudawan, K., & Sim, C. H. (2024). Shaping a Digital Future: Examining Technology, Organisation and Environment (TOE) Framework. Journal of Technology Management and Business, 11(1). https://doi.org/10.30880/jtmb.2024.11.01.005

WMO. (2024). WMO Global Annual to Decadal Climate Update. United Nations. https://doi.org/10.18356/9789211065206

Yunita, M., & Dwi, R. (2024). Peranan Akuntansi Lingkungan Dalam Upaya Peningkatan Kinerja Lingkungan dan Kinerja Keuangan Perusahaan. Jurnal Riset Akuntansi Tridinanti (Jurnal Ratri), 5(2), 125–142. https://doi.org/10.52333/jurnalratri.v5i2.675

Zhao, K., Sanmugam, A., & Aravindan, K. L. (2025). Driving sustainability in the green entrepreneurial intentions among SMEs in the Electric vehicle component industry. Discover Sustainability, 6(1), 4. https://doi.org/10.1007/s43621-024-00667-8

Zulfa Qur’anisa, Mira Herawati, Lisvi Lisvi, Melinda Helmalia Putri, & O. Feriyanto. (2024). Peran Fintech Dalam Meningkatkan Akses Keuangan Di Era Digital. GEMILANG: Jurnal Manajemen Dan Akuntansi, 4(3), 99–114. https://doi.org/10.56910/gemilang.v4i3.1573

Downloads

Published

2025-11-24

Issue

Vol.6, No.2 (2025): December 2025

Section

Articles

Citation Check

License

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

The Authors submitting a manuscript do so on the understanding that if accepted for publication, copyright publishing of the article shall be assigned to Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA)

 

Creative Commons License
Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA) is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.